TTK Prestige plans to invest Rs250 crore in kitchenware

TTK group company, TTK Prestige Ltd, plans to invest Rs250 crore in its kitchenware range over a period of 20-months, the group's chairman and managing director, TT Jagannathan said.

Of the proposed investment, Rs200-crore would be through internal accruals while the remaining Rs50-crore would be tied-up through bank debt, payable over a period of six-months, he said.

"The investment will be to develop our kitchenware range," Jagannathan said.

The company also plans to scale-up its production capacity from the current four-million units to 10-million units over a period of time, he said, adding the capacity ramp-up will be across its Hosur, Coimbatore and Roorkee production facilities.

TTK Prestige is also looking at acquisitions in the kitchenware range in the domestic market, Jagannathan said, without, however, divulging any details.

On Thursday, TTK Prestige ended 1.98% down at Rs1,450.20 on the Bombay Stock Exchange, while the benchmark Sensex gained 0.36% to 19,046.54 points.

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Piramal Glass Q3 net profit rises to Rs18.61 crore

Piramal Glass Ltd (PGL) said its standalone net profit for the December 2010 quarter stood at Rs18.61 crore compared to Rs10.87 crore in the corresponding quarter last year.

During the December 2010 quarter, its total income increased to Rs199 crore from Rs174.08 crore, said the company in a statement.

On Thursday, PGL ended 5% up at Rs110.30 on the Bombay Stock Exchange, while the benchmark Sensex gained 0.36% to 19,046.54 points.

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Dip in food inflation not much consolation: Pranab

New Delhi: Finance minister Pranab Mukherjee today said dip in food inflation for the week ended 8th January, was not "much consolation" and the government would continue to take steps to tame rising prices, reports PTI.

"Some of the vegetable prices are still high... I do not know what would be the impact of the recent increase (in petrol price) because these figures are two weeks old", he told reporters here.

Although food inflation during the period declined by 1.38 percentage points to 15.52%, vegetable and onion prices continue to remain high.

Moreover, the inflation figures do not capture the impact of the recent increase in petrol prices by Rs2.50 per litre.

"But the fact of the matter is (that) from 16.91% it (food inflation) has come down to 15.52%...it is not much consolation but declining trend is there," the minister said.

"We shall have to watch the situation. All necessary, effective steps are being taken including improving of supply management," he added.

On an annual basis, prices of pulses for the week ended 8th January have declined by 14.92%, followed by wheat (6.11%) and potato (2.91%).

Vegetable prices, however, are still up; they are 65.39% more expensive in comparison to the year-ago period.

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